The Evolution of Economic Perspectives: Analyzing Shifts and Trends in Global Economic Thought from 1900 to Present

Abstract

This research paper aims to provide a comprehensive analysis of the evolution of economic perspectives over the past century, identifying key shifts and emerging trends in global economic thought. The study traces the trajectory of various economic theories and policies, highlighting significant paradigm shifts from classical and neoclassical economics to Keynesian, monetarist, and contemporary heterodox approaches. Through an extensive review of historical economic literature, policy documents, and empirical studies, the paper explores how global economic events, technological advancements, and sociopolitical changes have influenced economic thinking and policymaking. The research also examines the impact of major global events, such as the Great Depression, World War II, the post-war economic boom, the 2008 financial crisis, and the ongoing effects of globalization and digitalization on economic theory and practice. By analyzing these developments, the paper seeks to understand the current state of economic thought and its implications for future economic policy and research.